REstate Bags Undisclosed Funding and Support from Idein Ventures
Ashok Vardhan, a graduate of IIT Madras and IIM Lucknow, and formerly a Vice President of State Bank of India, is part of the top management of the company.
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Real Estate Company focused on landowners and builders, REstate, has received an undisclosed amount in seed stage funding from Idein Ventures, a UAE based private equity firm. REstate is currently functional in offline space with some multi million dollar projects in pipeline. It acts as the front face of mid-sized builders and provides them research enabled guidance and finance, with access to its land bank, while also acting as the front face for landowners and providing them liquidity and fair value for their land.
Ashok Vardhan, a graduate of IIT Madras and IIM Lucknow, and formerly a Vice President of State Bank of India, is part of the top management of the company. The promoters of Idein Ventures- Rajeshwar Prasad, Ashwin Srivastava and Mahesh Vellaboyina- in association with seasoned private equity investors and industry experts founded the company a month ago.
“REstate has a technology enabled Land Bank that uses data analysis and market research. It offers strong brand value and financing to its stakeholders including landowners and builders, through its backing by Idein Ventures which is a global Venture Capital and Private Equity firm associated with a UAE royal family among others”, says Srivastava about the company.
The company is in hiring mode from local and global markets to oversee various domains. It will soon have a combined online (REstate.com) and offline presence to execute its strategies in Bangalore and Hyderabad. “Organizing the market of real estate developers by providing them everything they need, including brand value and land, is not what typical startups think of. The timing is right for such an entity, since UAE and Middle East is aggressively investing in India, and real estate development will see major growth”, adds Srivastava.
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